A bill to amend the Natural Gas Policy Act of 1978, and for other purposes.

[AI summary unavailable — showing source text] Amends the Natural Gas Policy Act of 1978 to provide that the maximum lawful price applicable to any first sale of any natural gas in effect on October 1, 1982, shall continue to be the maximum lawful price applicable to such sale for the period starting October 1, 1982, through January 1, 1985. Permits increases (but not above the maximum lawful price in effect on October 1, 1982) on the first sale of natural gas which has a price lower than the applicable maximum lawful price on October 1, 1982, but limits any such increase to the lesser of: (1) the rate provided in the sales contract; or (2) the annual inflation adjustment factor. Provides that the maximum lawful price for the period beginning October 1, 1982, and ending January 1, 1985, for any first sale of natural gas from a well the surface drilling of which began by October 1, 1982, and for which there was no applicable maximum lawful price on October 1, 1982, shall be the contract price specified for deliveries of such natural gas on October 1, 1982, or if there was no contract price specified, the maximum lawful price. Provides that following the expiration of the price freeze, the maximum lawful price for any first sale …